New Jersey's gambling market continues to show its resilience, posting a notable 7.4% growth in June. Despite a dip when compared to May, the market's combined earnings from land-based casinos, igaming, and sports betting reached an impressive $491.0 million. This figure stands well above last June's $457.2 million, although it does fall 3.7% short of May’s $510.0 million.
Land-Based Casino Performance
The land-based casino sector saw a modest yet steady increase, registering a 1.0% rise in revenue to $244.1 million in June. Slot machines continued to dominate the scene, generating $184.0 million, marking a 0.6% increase. Table games also made a significant contribution, recording a 2.5% rise to reach $60.1 million.
Igaming Surge
Igaming revenue, a standout performer, surged by an astonishing 25.2% year-on-year to $186.8 million, though it still trailed the land-based sector by $57.3 million. Within the igaming sector, "other authorized games" contributed a whopping $184.4 million, showing a 25.6% increase. Conversely, peer-to-peer poker saw a decline, dropping 2.9% to $2.5 million.
Individually, some operators reported remarkable growth. Golden Nugget led the charge with $51.5 million in igaming revenue, a 23.3% uptick from the previous year. Following close behind, Resorts Digital generated $48.6 million, marking a 36.4% increase. Meanwhile, the Borgata reported $42.9 million in igaming revenue, reflecting an 8.8% rise.
Sports Betting Dynamics
The sports betting sector, however, faced challenges. Revenue declined by 9.5% year-on-year to $60.1 million and saw a sharp 23.7% drop from May’s $78.8 million. Despite this, New Jersey residents placed bets worth $748.4 million in June, a 26.6% increase from last year’s $591.1 million. A significant $719.0 million of these bets were placed online, while retail sportsbooks accounted for $29.5 million in bets.
FanDuel led the sports betting revenue, generating $29.1 million. DraftKings followed with $14.4 million, while BetMGM and Bet365 reported $3.7 million and $3.4 million respectively. Fanatics Sportsbook contributed $1.8 million, rounding out the key players in the sector.
Tax Contributions
New Jersey's gambling industry proved to be a significant contributor to the state’s tax revenue, with $47.8 million paid in June. Land-based casino gross revenue tax accounted for $16.2 million, while igaming internet gross revenue tax amounted to $28.0 million. The internet sports wagering tax added $3.6 million to the coffers. Retail sports wagering from casinos contributed $7,782, whereas racetracks paid $71,191 in sports wagering taxes.
Year-to-Date Analysis
For the first six months of the year, the total market revenue reached $3.06 billion, reflecting a 12.2% rise from last year’s $2.73 billion. Land-based casinos contributed a solid $1.36 billion to the total revenue. Slot machines brought in $998.3 million, while table games yielded $357.8 million in revenue for the same period.
Igaming revenue for the first half of the year stood at $1.1 billion, showing a 21.4% increase from the previous year. "Other authorized games" in igaming significantly contributed to this growth, bringing in $1.12 billion, an impressive 21.8% rise. However, peer-to-peer poker continued its downward trend, contributing only $14.1 million, a 4.2% decrease.
Sports betting maintained strong performance over the half-year period, raking in $573.1 million in revenue, which is up 30.0% year-on-year. The year-to-date handle for sports betting surpassed $6.76 billion, with online sports betting alone contributing $6.53 billion. Retail locations added $231.0 million to the year-to-date handle, underscoring the sector's continued resilience and growth potential despite recent monthly declines.
In summary, New Jersey’s gambling market showcases a robust performance with vibrant growth in the igaming and land-based casino sectors. Despite facing hurdles in the sports betting domain, the overall industry trajectory remains upward, indicating a resilient market poised for future gains.